Luxury Retail Rent Rising Dramatically

New York City’s Fifth Avenue saw the top rent increases in
the U.S., the study said. Rent on the famed street increased by $900 to $2,150
per square foot, a 72 percent increase. Rents on Madison Avenue rose by a more
modest $118.00 to $708.00 per square foot, a 20 percent jump.

Among its other findings:

Rents on Chicago’s North Michigan Avenue rose by $25.00 to
$250.00 per square foot, an 11 percent increase.

In Prospect/Girard in San Diego, rates rose a dramatic
42.56 percent, to $111.20 per square foot.

There were also hefty increases on Lincoln Road in Miami,
where rents jumped 35 percent, to $135 per square foot.

In the Central Business District of Sacramento, Calif.,
rents rose 30 percent to $39 per square foot.

In San Francisco’s Union Square district, rents increased
a more modest $20.00 to $340.00 per square foot, a 6.25 percent increase.

There was only a small increase on Los Angeles’ Rodeo
Drive, with rents only increasing $2 to $425, a 0.47 percent increase.